REAL ESTATE TECHNOLOGY
AllianceBernstein | March 11, 2021
AllianceBernstein L.P. ("Stomach muscle") (NYSE: AB), has effectively finished the principal shutting of its fourth US Commercial Real Estate Debt reserve ("CRED IV"). This elective asset has so far got almost $900mm in capital responsibilities. Fair will fill in as a lead financial backer, proceeding with the solid association among AB and Equitable as AB grows its options stage.
CRED IV is a continuation of the temporary land loaning methodology effectively carried out by past AB CRED reserves. CRED IV will straightforwardly start gliding rate first home loan entire credits got by top notch, momentary US business land. Those credits are hung on an unleveraged premise.
The foundation of CRED reserves has begun more than 100 advances and brought almost $7bn up in capital responsibilities from institutional financial backers worldwide since the dispatch of the technique in 2013.
The fruitful first close of CRED IV is further exhibition of AB's capacity to raise huge capital for its quickly developing private choices stage, in spite of the difficulties presented by COVID-19. The nearby follows rapidly on AB's declaration in Q4 of a year ago of the dispatch of its new European Commercial Real Estate Debt ("ECRED") stage. ECRED, drove by industry veteran Clark Coffee, dispatched with almost €1.5bn in capital, making it one of the biggest land dispatches in Europe as of late. The ECRED stage hopes to declare its first credit beginning since joining AB in the coming weeks.
REAL ESTATE TECHNOLOGY
prnewswire | January 14, 2021
George Slusser, one of the land business' generally capable and notable valuation specialists, will join WAV Group to head its new Mergers and Acquisition Advisory Division, land's driving counseling and examination firm reported today.
As the most up to date individual from the WAV group, Slusser brings over 35 years of involvement, remembering individual investment for more than 300 land business consolidations and acquisitions on both the procuring and selling side including many financier organization valuations.
"George literally wrote the book on real estate M&As," WAV Group Managing Partner Victor Lund said. Slusser authored the industry best-selling book, Acquiring Profit, which created the foundation for today's modern M&A industry for U.S. real estate brokerages. "We can honestly say that no one will offer brokers better M&A advice than WAV Group with George on board."
Lund clarified that at Cendant, Slusser helped led the significant acquisitions that made what is currently Realogy, the world's biggest land organization. Slusser most as of late was the previous COO and Chief Growth Officer of SVN International (earlier Sperry Van Ness), and past President and COO of Coldwell Banker Commercial Real Estate. He likewise was a top leader at GMAC Home Services, ERA Franchise Systems, and Merrill Lynch Realty.
"No one has more experience helping real estate brokers navigate the challenges of preparing a succession plan and the right exit strategy than George," added Marilyn Wilson, WAV Group Managing Partner.
"WAV Group already assists organizations to increase the value of their companies with the services we provide in technology, recruiting, retention and organizational excellence. Once an acquisition is complete, WAV Group supports brokerages with overhauling branding strategies, technology and data services creating operational and organizational efficiencies. WAV Group Communications is there to help the newly formed organization communicate the vision and strengths of the new entity to expand the brand strength as well as helping to retain agents and clients by minimizing disruptions. With our new M&A division, we now provide an end-to-end service to help our clients maximize the growth and profitability of their businesses," she added.
For Slusser, heading up the WAV Group's new M&A Advisory division allows him to "fill an unmet need for broker-owners."
"There's an absence of firms offering brokers comprehensive M&A advice," Slusser said. "In the next three years, we expect the record consolidation we have already seen in the real estate brokerage industry to continue. As the ownership in our industry continues to age, the transfer to the next generation is underway. Broker-owners want - and need - guidance. We specialize in helping them understand the value of their company, create succession planning, explore partnership structures, help them raise capital, and most importantly, provide strategic support for each of these processes. And with M&As, both the selling side and acquiring side benefits from independent representation."
At WAV Group, the M&A Advisory Division offers a far reaching scope of value and moderate administrations for customers, conveying "unparalleled skill." Slusser will head a group that has partaken in more than 600 acquisitions and consolidations with buy costs adding up to $1.1 billion. With a consolidated 55 years of M&A experience explicit to the land business, the Division can deal with a wide scope of arrangements, going from little consolidations or association purchase outs to the biggest, most complex industry exchanges.
M&A Advisory administrations are accessible to land business organizations, both private and business, property the executives firms, innovation suppliers serving the land business, and start-up or beginning phase financier and specialist co-op organizations.
"Our experience in being owner/operators, as well as senior executives with multiple top brands, allows us to bring a unique perspective unmatched by other advisory services. Our practical knowledge allows us not only to help properly value your firm, but we deeply understand that the most important assets of your organization are your reputation and people," Slusser said.
About WAV Group
WAV Group is real estate's leading consulting and research firm, offering a depth of experience in technology, strategic planning, research, business development, Mergers & Acquisition and valuation advisory, content creation, public relations, sales, product development and marketing in the real estate industry. Clients include some of the largest MLSs in North America, international real estate franchise organizations, large independent brokerages, technology companies, and trade associations. WAV Group partners have been CEOs, executive team members, or founders of Fortune 100 and venture-funded corporations and approach each relationship with a clear understanding of the challenges that face each client's businesses today.
Columbia Property Trust, Inc. | September 07, 2021
Columbia Property Trust, Inc.announced that it has entered into a definitive agreement to be acquired by funds managed by Pacific Investment Management Company LLC, one of the world’s premier global investment management firms, for $3.9 billion including Columbia’s proportionate share of consolidated and unconsolidated debt. Under the terms of the agreement, which has been unanimously approved by Columbia’s Board of Directors, PIMCO will acquire all of the outstanding shares of Columbia common stock for $19.30 per share in cash. This represents a premium of approximately 27% over Columbia’s unaffected closing share price on Friday, March 12, 2021. During this time period the high barrier office sector has traded down 5%.
This transaction with PIMCO is the culmination of a comprehensive strategic review process undertaken by Columbia’s Board of Directors which was publicly announced in the spring of this year. As part of this process, Columbia’s Board and advisors invited nearly 90 potential counterparties to participate, including strategic acquirers, private equity firms and other investment management firms.
Constance Moore, Chair of the Columbia Board of Directors, said, “The Board of Directors is pleased to have reached this definitive agreement with PIMCO. This transaction provides Columbia shareholders with immediate and certain cash value at a significant premium to the Company’s public market valuation, and we are confident it represents the best outcome for all Columbia shareholders.”
“We continue to believe that high-quality office buildings in major U.S. cities offer long-term value for our clients and Columbia has assembled a modernized, well-located portfolio of assets that we expect will perform well in the years ahead,” said John Murray, PIMCO Global Head of Private Commercial Real Estate.
Francois Trausch, PIMCO Managing Director and Chief Executive Officer of Allianz Real Estate, added, “This is an exciting transaction and a great example of the strength of relationships within PIMCO’s global real estate platform.” The transaction is expected to close as early as year-end, subject to approval by Columbia’s shareholders and the satisfaction of other customary closing conditions. Upon completion of the transaction, Columbia’s common stock will no longer be listed on the New York Stock Exchange.
Columbia shareholders will be entitled to receive the previously announced third quarter dividend of $0.21 per share payable on September 15, 2021. Thereafter, Columbia will not pay additional quarterly dividends during the pendency of the transaction.
Due to the pending acquisition, Columbia will not be holding a conference call for its third quarter 2021 business results after it releases earnings information. Morgan Stanley & Co. LLC is serving as lead financial advisor to Columbia and Wachtell, Lipton, Rosen & Katz is serving as legal advisor. Eastdil Secured LLC and J.P. Morgan are also acting as financial advisors to Columbia.
Goldman Sachs & Co. LLC is serving as lead financial advisor to PIMCO and Latham & Watkins LLP and Milbank LLP are serving as legal advisors. Deutsche Bank Securities Inc. is also acting as a financial advisor to PIMCO. Cushman & Wakefield is acting as a real estate consultant to PIMCO.
Columbia creates value through owning, operating, and developing storied properties for legendary companies in New York, San Francisco, Washington D.C., and Boston. The Columbia team is deeply experienced in transactions, asset management and repositioning, leasing, development, and property management. It employs these competencies to grow value across its high-quality, well-leased office portfolio of 15 properties that contain more than six million rentable square feet, as well as four properties under development, and also has more than eight million square feet under management for private investors and third parties. Columbia has investment-grade ratings from both Moody’s and S&P Global Ratings.
PIMCO is one of the world’s premier fixed income investment managers. With its launch in 1971 in Newport Beach, California, PIMCO introduced investors to a total return approach to fixed income investing. In the 50 years since, it has continued to bring innovation and expertise to its partnership with clients seeking the best investment solutions. Since launching its first opportunistic credit vehicles over 15 years ago, PIMCO has significantly expanded in alternative credit and private markets. The firm invests globally across commercial and residential real estate equity and credit, performing and distressed corporate credit, and specialty finance markets – actively managing investments across the capital structure. In 2020, PIMCO and Allianz Real Estate combined their commercial real estate platforms, making it one of the largest in the world. On a combined basis, PIMCO manages over $180 billion in commercial real estate assets globally. Today PIMCO has offices across the globe and professionals united by a single purpose: creating opportunities for investors in every environment. PIMCO is owned by Allianz S.E., a leading global diversified financial services provider.